Homes for the Region
What is the project about?
Homes for the region is a targeted funding programme to to unlock allocated residential sites across the region to assist with the delivery of new homes in areas where there has been little new housing development. The fund is intended to deliver 2,800 new homes across the region’s 10 local authority areas.
The project is designed to address viability issues which have prevented sites from being developed for new housing. In a survey of 38 key stalled sites across the Capital Region, more than half (55%) were held up by the costs of remediation, the removal of pollutants or contaminants typically from land which has had previous industrial use. Other reasons for sites being stalled are the costs of building in access to the road network – often a requirement of planning permission – or of installing other site infrastructure such as utility connections; and topographical constraints such as the need to clear woodland or level land.
All funding applications must be submitted by a CCR Local Authority Partner acting in a capacity as project sponsor and manager of any funding awards.
Awards of up to £8m will be awarded to local authorities on a highly competitive basis.
To be eligible for Housing Viability Gap Funding, bids must meet the following criteria:
- Sites delivering minimum of 40 new homes
- Located in Cardiff Capital Region
- Local Authority support
- Planning permission in place (or if not a clear route to achieving planning)
- Able to complete required due diligence including evidence of a viability gap
- Ability to meet the CCR spend deadline for full drawdown of funds by 31 March 2024
Examples of potential schemes include: site specific infrastructure, site clearance, groundworks or land remediation works. All schemes will be subject to State Aid compliance.
Investment and leverage
Expected benefits and outcomes
- Deliver between 1400 and 2,800 homes in the region over the next 10 years.
- Deliver 16% more homes in areas of low economic inclusivity than would be delivered in any market-led alternative and and address the uneven distribution of house building across the Region.
- Attract private investment in housing of up to £490m.
- Boost accessibility to employment opportunities for workers throughout the region, and consequentially deliver productivity-enhancing labour market effects to employers.
- Kickstart construction, create jobs, enhance the long-term growth prospects and competitiveness of the region.
- Local communities to benefit from derelict land remediation and supporting infrastructure for new homes.
- Fund operationalised
- Applications submitted and assessed
- Developments programmes approved
- Implementation planning
- Works commence